Mobile Money Ventures has sold its Web banking technology to Intuit Financial Services, which already uses the platform at more than 320 credit unions and banks, the companies said.
MMV was created as a joint venture in San Mateo, Calif., by Citi and Korea’s SK Telecom to develop a mobile banking platform.
“By bringing MMV’s technology in-house, IFS will now have three mobile banking pillars, native apps, text and Web banking, together under one roof. This gives us more control to better serve customers and will help us bring new mobile innovations to market faster so people and businesses can get the financial insights and services they need at any time and on any device,” IFS spokeswoman Diane Carlini said on a company blog.
Citi and SK Telecom set up San Mateo-headquartered MMV in 2008, putting in a reported $8 million each in the venture to develop an m-banking platform. Terms of the IFS sale were not announced.
Online banking specialist IFS is based in Mountain View, Calif., and now has a client list of about 1,800 credit unions and banks. The company also offers iPhone and Android downloadable apps.
Akcelerant Software said the $4.9 billion First Tech Credit Union in Palo Alto, Calif., and Portland, Ore., will soon be using its enterprise loan origination solution.
The 330,000-member credit union already has been a longtime user of the Akcelerant Framework for collections and will now manage its lending process on the same platform, the company and credit union said.
First Tech’s recent merger partner, Addison Avenue Federal Credit Union, was an early adopter of the system.
“The functionality of Akcelerant’s loan origination system, combined with their commitment to ensuring that we can deliver on the vision First Tech has for its consumer lending program, made Akcelerant the clear choice for partnership,” said Brian Hamilton, vice president of consumer lending at First Tech.
Akcelerant said it now serves approximately 500 financial institutions across the United States and Canada and has offices in Malvern, Pa., and Vancouver, B.C.